The Bitcoin Buzz: First-Timers Are Here!

In a recent Q3 2019 letter to shareholders, Square, the payment processing marvel, spilled the beans on how its Cash App is winning over a whole new crowd of crypto enthusiasts. Can you guess what’s trending? Hint: It’s not just the new seasonal pumpkin spice flavor—it’s Bitcoin! Square revealed that the number of first-time Bitcoin buyers using the Cash App has nearly doubled. Exciting, right? Now if only the Bitcoin profit margins were nearly as exciting…

Crunching the Numbers: Cash App’s Q3 Performance

Brace yourselves, folks! The Cash App posted some impressive figures. Arriving with a net revenue of a whopping $307 million, the Cash App also reported a gross profit of $123 million for Q3. But hold your Bitcoin horses—while it might sound like a win, the Bitcoin sales numbers tell a slightly gloomier tale. Square’s Bitcoin revenue stood at $148 million, but it faced an immense cost of $146 million! What’s that reveal? Just $2 million in profits from Bitcoin sales! That’s about as thrilling as finding pennies in the couch cushions.

Cash Card: Expanding the Horizons

Initially just a great way to transfer fiat currency, the Cash App evolved, bringing cryptocurrency trading into the mix. With the Cash Card—a fab freebie that’s more useful than that last pair of socks you never wear—users can spend their funds immediately after a sale. The proceeds from sales go directly into a Square-stored balance which users can withdraw at the ATM or splurge with the card. Instant gratification has never looked so good!

The Stock Market Is Calling!

In a surprising twist, Jack Dorsey, CEO of Twitter and Square, recently announced their latest feature: buying stock in fractions through the Cash App! Yes, folks, you read that right. Let’s say you’ve got just a dollar jingling in your pocket—now you can snag a piece of Berkshire Hathaway A stock without feeling like you’ve been robbed. Dorsey proudly stated, “Now anyone can buy $42 or even $1 worth of stocks instantly and for free right in @CashApp.” Wealth-building has just become a lot more accessible, and with Bitcoin available on the same platform, users have options galore!

The Future: More Users, Bigger Goals

All in all, while the profit margin on Bitcoin sales isn’t winning any awards, the growing number of users flocking to the Cash App is noteworthy. As product adoption rises dramatically, it looks like Square is hitting all the right notes in the fintech realm. Keep an eye on this one; with a potential shift in focus from mere transactions to investing, Cash App is setting the stage for future growth. Whether it’s Bitcoin, stocks, or those irresistible cat memes, it’s an exciting time to see what else Square has up its sleeves!